Christ fulfilled the law. The law was established to tell us right from wrong. In order to be perfect with God, we must keep the law. No one CAN keep the law, however, so all stand condemned before God. Christ, who WAS able to fulfill the entire law (and the only one who has ever kept the law), paid the penalty for our sins, and therefore...he fulfilled the law, so we are no longer condemned under it.
This is the meaning of that text.
"We" - meaning those of us saved by His grace through our faith and trust in Him. Agreed.